公司理财培训教程(英文版).pptx

1-2CHAPTER1IntroductiontoCorporateF/sites/0072829206/student_view0/

1-3ChapterOutline1.1WhatisCorporateFinance?1.2CorporateSecuritiesasContingentClaimsonTotalFirmValue1.3TheCorporateFirm1.4GoalsoftheCorporateFirm1.5FinancialMarkets1.6OutlineoftheText

1-4WhatisCorporateFinance? CorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshouldthefirmengagein?Howcanthefirmraisethemoneyfortherequiredinvestments?Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?

1-5TheBalance-SheetModel

oftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotalValueofAssets:Shareholders’EquityCurrentLiabilities

Long-TermDebtTotalFirmValuetoInvestors:

1-6TheBalance-SheetModel

oftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilities

Long-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecision

1-7TheBalance-SheetModel

oftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalStructureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilities

Long-TermDebt

1-8TheBalance-SheetModel

oftheFirmHowmuchshort-termcashflowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvestmentDecisionNetWorkingCapitalShareholders’EquityCurrentLiabilitiesCurrentAssetsFixedAssets1Tangible2Intangible

Long-TermDebt

1-9CapitalStructureThevalueofthefirmcanbethoughtofasapie,itwilldependonhowwellthefirmhasmadeitsinvestmentdecisionThegoalofthemanageristoincreasethesizeofthepie.TheCapitalStructuredecisioncanbeviewedashowbesttosliceupathepie.Ifhowyouslicethepieaffectsthesizeofthepie,thenthecapitalstructuredecisionmatters.50%Debt50%Equity25%Debt75%Equity70%Debt30%Equity

1-10HypotheticalOrganizationChartChairmanoftheBoardand

ChiefExecutiveOfficer(CEO)Board